Blockchain-based universes have become popular in recent years as users want to experience an alternate reality. This article will cover Decentraland, one of the most popular virtual worlds built on the Ethereum blockchain. It will focus on the overview of Decentraland, LAND ownership, its decentralized native token —MANA, use cases, etc.
Overview of Decentraland
Decentraland is a fully decentralized 3D virtual world where people interact with other users on the platform. The platform brings a new experience to the virtual world where users can own lands and build their desired structure. The landscape can include anything from static 3D scenery to interactive objects, buildings, arts, and games.
Decentraland development started in 2015 with a 2D proof-of-concept named “the Stone Age ‘’ —a grid of pixels. Ariel Meilich and Estaban Ordano are the founders of Decentraland. It was created by a for-profit company called Metaverse Holdings LTD, based in the Cayman Islands. Since then, the project has come a long way and evolved into a 3D world of customizable NFTs. It combines blockchain and virtual reality to create a unique experience.
Decentraland Use Cases
- Content Creation: Users can join and create Decentraland events for exciting experiences. These include clubs, parties, etc.
- Advertisement: Users can advertise their products and services on the platform. The platform allows users to add links to their businesses, social media accounts, etc.
- Earnings: On Decentraland, users can earn passive income from creating experiences, flipping properties, renting out land, etc. This enables them to enjoy a world of fun while earning an income.
The Land in Decentraland
The virtual world is divided into small fragments called parcels; each fragment is 16m x 16m (52fts x 52fts). There are 90,601 total lands, including 43689 private land parcels, 33886 district land, 9438 streets, and 3588 plazas. The lowest cheapest land at the time of writing can be acquired for 3893 MANA.
Features of Land in Decentraland
- individual parcels, a piece of land;
- estates, consisting of multiple parcels;
- districts consist of parcels with similar themes like music, gaming, or tech;
- plazas, untradable parcels that act as the core within the world and are owned by the community.
Each parcel is represented by a LAND token on the Ethereum blockchain. LAND is an ERC-721 token and is also limited in supply, making it unique.
What Is MANA Token?
MANA is the native token that governs the economy of the Decentraland ecosystem. It is an ERC-20 token that can be used to buy parcels of LAND, names, emotes, and wearables for your Decentraland avatar. The token was introduced in August 2017 through an ICO that gathered $26 million, and its circulation started a few months later and went live in 2020. As a result, Decentraland reached an all-time high of $5.90 in November 2021.
MANA is the top blockchain-gaming crypto in terms of market capitalization at the time of writing, 03.06.2022. MANA has a market capitalization of $1,806,170,957 and a circulating supply of 1,849,242,441 MANA. The Decentraland crypto price is $0.96; the maximum supply is unavailable.
In Decentraland, the world belongs to the community. It is governed by a DAO (Decentralized Autonomous Organization), meaning that everyone in the community can participate in voting on the proposal they want to adopt or reject. When a proposal is issued and voted on, it automatically gets executed via smart contracts. For instance, MANA holders get 1 vote for each token (1 MANA = 1 and 20 MANA =20 votes). For LAND owners, they get 2,000 votes for each parcel they own (1 LAND = 2,000 votes and 10 LANDs = 20,000).
They also employ various smart contracts to manage the process of selling and bidding on LAND, Estates, and other NFTs. These contracts also establish the marketplace charges, which can only be modified with the DAO’s agreement.
Where to Buy MANA
You can buy MANA on Guarda if you want to join in the fun and experience on Decentraland but do not have its token. To buy MANA, you need to create a wallet on Guarda. Guarda is a secure non-custodial wallet exchange platform accessible via web, desktop, and mobile. It supports 50+ blockchains and over 400k assets. With Guarda, you can buy, exchange, receive and store MANA on the web, desktop, and mobile.
Joining the Decentraland game is easy. All you need is a browser, your device, token for transactions (MANA), and a wallet to store the token. The world is vast; you start from the genesis plaza and can then visit various places. To interact with other users, you can attend Decentraland events shown on the platform.
Users who buy LAND in Decentraland have the freedom to build whatever structure they desire, giving them rights over architecture and ways to earn income. The LANDs are limited and once there are a few left or no more available for sale, they have the potential to appreciate.